EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
Will Energy Transfer Act with Integrity?
As regular readers know, the proposed merger between Energy Transfer Equity (ETE) and Williams Companies (WMB) has been a rich source of material. Last week a judge’s ruling enabled ETE to cancel the deal since a needed tax opinion was not forthcoming. WMB found it convenient to say the least that ETE’s tax counsel Latham […]
Hearts Outvote Heads in Brexit
It’s been 34 years since I left the UK and moved to the U.S., and 25 years since I became a U.S. citizen. I long ago lost the right to vote in UK elections, having by now spent two thirds of my life in the New World. But I shall never lose my pride at […]
Why Oil Could Be Higher for Longer
Last week Wood Mackenzie released a report estimating that oil and gas companies will spend $1TN less on finding and developing new reserves through 2020 than was expected to be the case before the 2014-16 oil price collapse. 2016 reductions in capex have been estimated at $300-400BN, but this is the first credible figure we’ve […]
Vote No on the Energy Transfer-Williams Merger
The Energy Transfer-Williams merger continues to be a bizarre spectacle. While the Williams (WMB) Board in an SEC filing noted that a majority was in favor of the merger, their body language says otherwise. They are speaking in code. The filing notes that anticipated synergies from the transaction are virtually zero and that the new […]
MLPA Conference Attendees Cautiously Assess the Future
Last week was the annual Master Limited Partnership Association (MLPA) Conference, held in Orlando, Florida. Conferences held in the Sunshine State in June undoubtedly receive a discounted rate compared with January – perhaps some frugality was appropriate given last year’s sector performance. Many were happy simply to have survived the 2015 Crash with their businesses […]